I have to say I am very impressed with the quality of the BMW bike hitch. "Simple Awesome" is the best way to describe it.
This is the new generation bike hitch which I just picked up a week ago.

1.It swings out completely to gain access to tailgate (with and w/o bikes)
2.Has a built in cable lock (in tube frame) that locks the bikes securely to prevent theft
3.Has a separate locking mechanism that locks the hitch itself preventing theft of entire hitch
4.The hitch rest has 4 separate grooves which the frames sit on and secured through rubber straps. This piece can be completly rotated 180 degrees when you are traveling without the bikes. Has a back up locking pin as well.
5. comes with additional nylon straps 4 total to secure the bikes to the post.
6. Removal and install is very easy less than 2 mins. Comes with a locking wrench. Also nice little BMW logo in the rear.

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Current cars:
03 BMW X5 4.4i NAVI (Dinan software upgrades-tranny and Engine ECU, 4.6 body kit w/ 20's staggered wheels, aluminum running boards, M3 SMG steering wheel, eisenhaus race exhaust, predator angel eyes, 6000k HID fogs, hardwired V1 radar)
06 Honda Odyssey EX-L RES NAVI (4300k HID's)
00 Mercedes S430 SPORT NAVI
08 Honda Accord V6 NAVI sedan (4300k HID's)